QCP: The situation in the Middle East has caused market volatility, and the Bitcoin market is at a critical turning point

Odaily Planet Daily News: QCP reported that Bitcoin briefly fell below the psychological threshold of $100000 on Sunday, hitting a low of $98200, the lowest since breaking through $100000 on May 8th. The decline was triggered by Iran's threat to close the Strait of Hormuz, resulting in the liquidation of over $1 billion in cryptocurrency market positions. However, Bitcoin has returned above $100000 on Monday morning, indicating that the weekend correction was mainly driven by macro factors. Despite Iran's threat of retaliation, the market seems to believe that the possibility of a major conflict escalating is limited, and the United States is suppressing Iran through diplomatic channels, which has played a stabilizing role in the market. The traditional market has also responded calmly, with US stock futures, oil, and gold prices returning to Friday levels after initial fluctuations. Investors see this as a regional risk rather than a global crisis. Analysts point out that the Bitcoin market is at a critical turning point, balancing risk appetite and safe haven demand amidst geopolitical uncertainty.